SBB delivered an operationally stable Q1/21 report given the circumstances, with the earnings miss due to cold weather increasing the cost base and FX-effects hurting IFPM. Value changes continue to surpass expectations and equalled SEK 2,333m, a +2.6% Q-o-Q value uplift. Given recent share price performance, the upside is perhaps more limited than before. However, the downside is also limited and we raise our TP to 37 (34) with Buy reiterated.
